Jun 9 2008
Global 8 Environmental Technologies, Inc., a leading developer of environmental technology solutions, today announced the signing of an exclusive agreement to build and operate Environmental Technology Centers with Financial Investment Consultancy SAL (FINCO).
FINCO is a Lebanon-based asset management company that acquired the license to develop Environmental Technology Centers, which create environmentally sustainable solutions allowing communities and their industries to grow without any environmental constraints.
FINCO also aligned itself with a very large Middle Eastern banking group with the necessary funds to support the build-out of these single-source solution facilities. Following an exhaustive search for a technology partner, FINCO chose Global 8 Environmental Technologies, Inc.
Under the terms of the agreement, Global 8 Environmental Technologies, Inc. will own an exclusive and worldwide license for building and operating Environmental Technology Centers and technologies used in each of these centers. The proprietary technology assets, which have been assigned under this agreement include know how, engineering drawings and specifications and operating and procedures manuals for fully-operational Environmental Technology Centers for the processing and recycling of solid wastes, air pollution mitigation and greenhouse gas reduction, water and wastewater treatment, and generation of energy from renewable sources. This exclusive license includes all processes, inventions, and improvements that FINCO now owns and controls as well as those which FINCO may develop or acquire in the future.
In addition to intellectual property, FINCO will also provide debt financing for the design, construction, and start-up costs related to the Environmental Technology Centers to be built and operated by the Global 8 family of companies. This financing will be arranged in $50,000,000 tranches up to $250,000,000. This limit will be further extended subject to agreement by both parties.
"One of our goals was to enter into an agreement with a public U.S. company that was actively trading, so that we could bring it into a Middle Eastern exchange," said Jerry Bechara, President of FINCO. "We believe that the Global 8 team has aligned itself with one of the foremost environmental engineering firms in the world, HDR Inc., a company which we have observed participates actively in the development, testing, and application of cutting-edge solutions to all environmental disciplines. HDR Inc. has also won a number of industry awards for their innovative designs featuring environmental sustainability."
Carl Mennie, CFO of Global 8 Environmental Technologies, Inc. said: "One of the key reasons I joined Global 8 is because of the debt financing potential I saw from the Middle East, which I knew the Company was vigorously pursuing. Global 8 is working on continuously advancing the post-collection solutions that will become forefront in the worldwide trend towards protecting the environment for the next twenty years and more."
Ed Kroeker, President and Chief Executive officer of Global 8 stated: "This is a major step for Global 8, and leads us towards the realization of our long-term vision to create a footprint for the environmental industry that will address the needs of our world well into the twenty-first century. The cutting-edge technologies available for each one of these centers address the four elements of the environment in ways that are truly remarkable. We own the solution for the environmental crisis in every community, we have the engineering team of HDR in place to implement these Environmental Technology Centers and we have all the debt financing needed to make this business grow and expand around the world. We are now ready to implement the projects that are lined up and waiting to go."